Commodities
Home›Commodities›Precious Metals›Silver climbs above $62 as the dollar stays on the bac…
Silver climbs above $62 as the dollar stays on the back foot
XAG/USD was trading at $62.21, its highest level in a month, but buyers need to clear the 50-day SMA near $62.65 to extend gains.
Silver (XAG/USD) surged more than 4% on Wednesday as the US dollar weakened after softer-than-expected jobs and other data, according to FXStreet. The move also appears capped by a key technical level, with price action testing resistance around the 50-day simple moving average near $62.65. At the time of writing, silver was trading at $62.21, its highest level in the last month. FXStreet said momentum has turned bullish based on the relative strength index, and traders looking for further upside would need to reclaim the psychological $65 level. It also highlighted next targets tied to the 100-day SMA at $69.22, followed by the $70 level that was last reached in mid-June. On the downside, FXStreet noted that if XAG/USD retreats and ends the day below $62, it could open the door to a move toward the August 3 swing low at $59.40, with a break potentially leading to a retest of yearly lows at $54.77.
Latest closeSilver $59.77 ▲3.7%